Globally, the digital marketing industry is worth billions of dollars. It will be even more critical during the COVID-19 pandemic as face-to-face business becomes more difficult. If you’re turning to digital marketing in these uncertain times, you’ll need key performance indicators to track your progress. For example, you could hire the Best SEO Company in Delhi for this role, as there are numerous KPIs to assist us in detecting sales results, conversations, engagement, and media investments.
So, in this article, we will discuss the five most important digital marketing KPIs you should monitor.
1. Profitability Percentage in the Bottom Line
When a client hires you, they anticipate an increase in profits. Because modern technology provides digital marketers with ever-increasing tools to do their jobs, there is something seriously wrong if they don’t see an increase. As a result, you should consult with the best Digital Marketing Agency in Delhi.
You’ll also need two figures to calculate your bottom line profitability percentage: revenue and net income, which are your client’s profits after all fees and running costs have been paid. Divide their net income by their net revenue and multiply by 100 to get their profitability percentage.
2. Lead Sources
You should investigate the sources of your sales. This is one of the essential marketing KPIs for your company’s long-term survival.
If all your leads come from a single source, a disruption, such as a server outage or a store closing, could be disastrous for your business. Create a chart that shows sales as a percentage of total sales by lead source. Diversifying your lead sources could help protect your business later, like the Best SEO Company in Delhi are doing.
3. Acquisition Cost
How much does each new customer cost your client regarding the marketing budget? Are you assisting your client in making a profit? The cost-per-acquisition KPI can demonstrate this.
To calculate your cost per acquisition, multiply the total amount spent to acquire new customers through a specific channel by the number of new customers. Hiring a Digital Marketing Agency in Delhi will assist you with this. As a result, you’ll know how much your client costs to acquire each new customer.
4. The Average Cost per Lead
Along with calculating the cost per acquisition, you should also determine how much each lead costs your client. If you’re not converting these leads, the problem may be with your sales rather than your marketing strategy. The average cost per lead varies by industry, so it’s worth learning about the average price in your client’s industry. So hire the Best SEO Company in Delhi to assist you further.
To calculate the cost per lead, divide the total amount spent on a campaign by the number of leads generated.
5. Lead Conversion
How effective is your marketing and sales team at converting leads into sales? If you have a lot of leads, but only a few of them become paying customers, there could be a problem with how you close the sale.
Divide the total number of leads by the number of leads converted to sales. This number multiplied by 100 gives you your lead conversion percentage.
Because the Digital Marketing Agency in Delhi is so large, there are many KPIs to track. It’s so much so that it can be intimidating. However, there are some major metrics that every marketer can track and improve to help their business grow faster, as TYC Communication is doing.